SEI — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($49.31)
DCF	$-8370.40	-17075.1%
Graham Number	$12.57	-74.5%
Reverse DCF	—	—
DDM	$9.89	-79.9%
EV/EBITDA	$59.05	+19.8%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$362.98M

Near-term growth (yrs 1–5)(%)Rev: 86.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.15%

Computed WACC: 8.15%

Cost of equity (Re)10.63%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.64%

Debt weight (D/V)23.36%

Results

Intrinsic Value / share$-10124.03

Current Price$49.31

Upside / Downside-20631.4%

Net Debt (used)$725.64M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	78.6%	82.6%	86.6%	90.6%	94.6%
7.0%	$-10952.30	$-12227.45	$-13619.04	$-15134.86	$-16783.08
8.0%	$-8441.31	$-9422.53	$-10493.28	$-11659.56	$-12927.63
9.0%	$-6735.88	$-7517.51	$-8370.40	$-9299.32	$-10309.26
10.0%	$-5511.35	$-6149.69	$-6846.19	$-7604.72	$-8429.37
11.0%	$-4596.02	$-5127.29	$-5706.91	$-6338.13	$-7024.30

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $0.66

Book Value / share($)Yahoo: $10.63

Results

Graham Number$12.57

Current Price$49.31

Margin of Safety-74.5%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.15%

Terminal growth rate(%)

Computed WACC: 8.15%

Cost of equity (Re)10.63%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)76.64%

Debt weight (D/V)23.36%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$49.31

Implied Near-term FCF Growth—

Historical Revenue Growth86.6%

Historical Earnings Growth—

Base FCF (TTM)-$362.98M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $0.48

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.89

Current Price$49.31

Upside / Downside-79.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $220.07M

Target EV/EBITDA multipleCurrent: 16.4×

Net Debt($B)Default: $725.64M

Results

Implied Equity Value / share$59.05

Current Price$49.31

Upside / Downside+19.8%

Implied EV$3.61B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$1.27B	-$274.36M	$725.64M	$1.73B	$2.73B
12.4x	$82.00	$61.51	$41.02	$20.53	$0.03
14.4x	$91.02	$70.53	$50.04	$29.54	$9.05
16.4x	$100.04	$79.54	$59.05	$38.56	$18.07
18.4x	$109.05	$88.56	$68.07	$47.58	$27.09
20.4x	$118.07	$97.58	$77.09	$56.60	$36.11

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